How do understand accounting of a company? Meaning thereby, what includes in accounting of a company?

Question

Accepted Answer

Accounting of a company involves recording, analyzing, and reporting financial transactions and activities.

Recording financial transactions such as sales, purchases, and expenses
Analyzing financial data to assess the company's financial health and performance
Preparing financial statements like balance sheets, income statements, and cash flow statements
Managing accounts receivable and accounts payable
Ensuring compliance with financial regulations and standards
Providing financial information and reports to stakeholders like investors, management, and tax authorities

Accepted Answer

Accounting of a company must includes every monetary transaction and also non monetary transaction. In monetary transaction simply describe with money terms and non monetary like depreciation, goodwill, patent also.

How do understand accounting of a company? Meaning thereby, what includes in accounting of a company?

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